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Market News Investors wait for Australian inflation data as the AUD/JPY retraces intraday low around 94.00

Investors wait for Australian inflation data as the AUD/JPY retraces intraday low around 94.00

As higher Japan's core CPI continues to bolster yen bulls, AUD/JPY has fallen below 94.00. To keep price pressures above desirable levels, the BOJ must concentrate on raising its wage rates. Preliminary estimates put the Australian CPI at 6.3 percent overall, up from the first-quarter figure of 5.1 percent.

Alina Haynes
2022-07-25
440

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After hitting barriers around 94.40 in the Asian session, the AUD/JPY pair has now dropped further below 94.00. After breaking to the negative in the 94.86–95.60 area on Friday as the Japanese agency issued higher core Consumer Price Index (CPI) data, the risk barometer remained under the control of bears. The asset has carried over the negative mood that was observed on Friday, and further decline now appears likely given how quickly the asset breached the support level of 94.00.

 

According to the Statistics Bureau of Japan, the National CPI was reduced from the previously reported 2.5 percent to 2.4 percent. While the core CPI increased from the previous release's 0.8 percent to 1 percent. The BOJ continued to be concerned since previous food and energy prices were holding the inflation rate over 2 percent. Now that core CPI has increased, a rebound in demand for durable goods will please BOJ officials.

 

The BOJ has to concentrate on raising pay rates in the labor market to keep the core CPI above the acceptable levels. Increased income is important to pay for goods and services and to maintain steady patterns of saving and spending.

 

Investors are watching this week's expected inflation statistics as it relates to the Australian dollar. The Reserve Bank of Australia (RBA) will use the statistics to help determine the size of the interest rate increase that will be announced in the first week of August. The second quarter of CY2022's total CPI is expected to be 6.3 percent, which is much higher than the first quarter's release of 5.1 percent. The RBA will undoubtedly be forced to raise its Official Cash Rate (OCR) as a result of this.

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